Magic FX Formula Indicator
Platform: MT4 Last update: August 31, 2024The Magic FX Formula is a universal forex trading indicator that is very simple to use on any currency pair and timeframe. This indicator has been developed for both beginners traders and more advanced traders to keep their good trading accuracy.
After having a deeper look at that indicator it looks like its effectiveness is high with small timeframes like M5 or M15, therefore it suits best for scalping trading style during trending market conditions.
You can use Magic FX Formula as a standalone trading tool or you can apply it to your favorite proven trading system.
You should definitely look at the Xmaster Formula forex indicator too. It is much appreciated among the traders.
Trading signals for Magic FX Formula
Buy signal
Open long trade with Magic FX Formula when the following conditions are met:
- Identify the uptrending market;
- A green Trend Signal dot appears;
- Trade Signal displays “Buy” along with an upward arrow in the right top corner of the chart;
- Set stop loss below the recent swing low;
- Take profit when the opposite signal occurs (red color Trend Signal dot appears).
Sell signal
Open sell trade with Magic FX Formula when the following conditions are met:
- Identify the downtrending market;
- A red Trend Signal dot appears;
- Trade Signal displays “Sell” along with an downwardward arrow in the right top corner of the chart;
- Set stop loss below the recent swing high;
- Take profit when the opposite signal occurs (green color Trend Signal dot appears).
In the archives you will find the following files:
- Magic Fx Formula.ex4
- Magic Fx Formula.mq4
- Magic Fx Formula.tpl (template file)
- Magic Fx Formula Manual.pdf (user manual)